Chinese DPU maker Yunbao Intelligent aims for IPO at $2B valuation

Yunbao Intelligent, a Chinese DPU chipmaker, has updated its IPO prospectus on the Shenzhen Stock Exchange, planning to raise 3.035 billion yuan at a valuation of 14.273 billion yuan, in a bid to become the first publicly listed Chinese company focused on DPUs.

According to the prospectus, the company's revenue surged from 173,200 yuan in 2023 to 940 million yuan in the first half of 2026. Tencent, its largest shareholder and core customer, directly and indirectly contributed 97.86% of total revenue in the first half of 2026. Yunbao Intelligent recorded cumulative net losses of 2.466 billion yuan from 2023 to 2025.

Founded in 2020 by Xiao Qiyang, Yunbao Intelligent develops DPUs, which are considered a key chip in data centers alongside CPUs and GPUs. Its first product, the Xiaoyun 1.0, is described as China's first 400Gbps full-function DPU chip. The company expects its first three quarters of 2026 revenue to grow 907.8% to 977.31% year over year.

The exchange has issued two rounds of inquiries focusing on related-party transactions and customer concentration. Tencent held 19.78% of the company at the end of 2025.